Gray Media Q1 Earnings Call Highlights

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Sun, May 10, 2026 astatine 1:08 PM CDT 7 min read

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Gray Media posted first-quarter gross of $768 million, hitting the precocious extremity of guidance, with halfway advertizing and governmental advertizing some outperforming expectations. The institution besides reported adjusted EBITDA of $154 cardinal and a nett nonaccomplishment attributable to communal stockholders of $33 million.
Management said second-quarter halfway advertizing is softening, though integer gross is inactive increasing successful the precocious teens and governmental advertizing is expected to stay beardown astatine $60 cardinal to $70 million. Gray besides kept a cautious outlook for halfway advertising, guiding for a mid-single-digit diminution twelvemonth implicit twelvemonth successful Q2.
Gray resolved its long-running Dish retransmission dispute and said it has nary further retransmission negotiations for the remainder of 2026. The institution besides highlighted an progressive M&A pipeline, much than $1 cardinal successful liquidity, and expectations that governmental spending successful the 2026 midterms could beryllium “extraordinarily strong.”

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Gray Media (NYSE:GTN) reported first-quarter 2026 gross astatine the precocious extremity of its guidance range, helped by stronger-than-expected halfway advertizing and governmental advertizing gross that besides landed astatine the apical of the company’s outlook.

Executive Chairman and CEO Hilton Howell said full gross for the 4th was $768 million, portion operating expenses earlier depreciation, amortization, impairment, and gains oregon losses connected plus disposals were $622 million, down $7 cardinal from the comparable play past year. Broadcasting expenses declined $22 cardinal from the archetypal 4th of 2025, according to Howell.

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The institution reported a nett nonaccomplishment attributable to communal stockholders of $33 cardinal and adjusted EBITDA of $154 cardinal for the quarter. Political advertizing gross was $30 million, compared with $26 cardinal successful the archetypal 4th of 2022, the past comparable midterm cycle.

Advertising Results Mixed arsenic Core Softens successful Second Quarter

President and Co-CEO Pat LaPlatney said first-quarter halfway advertizing gross finished up 2% from the anterior year, outperforming the company’s archetypal guidance for astir level results. He attributed portion of the spot to the Winter Olympics.

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LaPlatney said the institution is seeing softer halfway advertizing trends successful the 2nd quarter, citing uncertainty tied to the concern successful the Middle East and lipid terms volatility, which helium said has caused immoderate advertisers to hold commitments. He besides noted that the NCAA Final Four rotated distant from CBS this year, aft Gray earned $5 cardinal of gross successful April 2025 arsenic the largest CBS affiliate group.

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